During assembly of aircraft, spacecraft, automobiles and other machinery, fastening elements, such as nuts and washers, are to be held in place while a fastening device, such as a bolt, is installed in a joint or seam. However, some of the areas where the nuts and washers are to be held may be inaccessible and cannot be seen by the operator installing the bolt. The small access compartments and blind access points often cause the operator to drop the nuts and washers in the access compartment. In some industries, such as the aerospace industry, if the nut and washer is dropped, they must be retrieved before installation work can proceed to prevent foreign object debris (FOD) in the aircraft. This retrieval can be time consuming because of the tight and inaccessible areas in an aircraft. Conventional methods of fastening elements, such as nuts and washers, remain limited because they do not provide the ability to effectively and efficiently hold the washer and nut in place and release the washer and nut when a bolt is installed.